Glossary of Terms
ASP: Administrative Sanctions Procedure
CF: Controlled Function, which includes pre-approval controlled functions (PCFs). When the term “CF” is used in the text of this guidance, it refers to a CF for a firm, as relevant. In some cases, specific reference is made to CF roles for credit unions or holding companies (CUCF/CURICF or HCCF as appropriate). Where a certain CF’s number and description is equivalent to CFs for credit unions or holding companies, a CF-X is used to capture all equivalent CFs. For example, CF-1, CUCF-1, CURICF-1 and HCCF-1 together would be described as CF-1.
Corporate Governance Requirements for relevant regulated firms: Corporate Governance Requirements for Credit Institutions 2015, Corporate Governance Requirements for Insurance Undertakings 2015, Corporate Governance Requirements for Investment Firms and Market Operators 2018, Corporate Governance Requirements for Captive Insurance and Captive Reinsurance Undertakings 2015 issued by the Central Bank, Part IV of the Credit Union Act, 1997 “Management of Credit Unions”, and any other domestic and international governance requirements applicable to firms, as relevant, unless specified otherwise in the text.
Firm: Regulated Financial Service Provider within the meaning of the Central Bank Act 1942, and Holding Company.
F&P Regime: The Central Bank’s Fitness and Probity Regime under Part 3 of the Central Bank Reform Act 2010.
F&P Regulations: The Central Bank Reform Act 2010 (Sections 20 and 22) Regulations, 2011 (S.I. No. 437 of 2011), as amended, Central Bank Reform Act 2010 (Sections 20(1) and 22(2A)) Holding Companies Regulations, 2023 (S.I. No. 664 of 2023), as amended, and/or Central Bank Reform Act 2010 (Sections 20 and 22 - Credit Unions) Regulations 2013 (S.I. No. 171 of 2013), as amended.
F&P Standards: The Fitness and Probity Standards 2025.
Holding Company: Any of the following established in the State:
(a) A financial holding company, within the meaning given by point (20) of Article 4(1) of the Capital Requirements Regulation;
(b) A mixed financial holding company, within the meaning given by point (21) of Article 4(1) of the Capital Requirements Regulation;
(c) An insurance holding company, within the meaning given by Regulation 215(1) of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015);
(d) An investment holding company, within the meaning of the European Union (Investment Firms) Regulations 2021 (S.I. No. 355 of 2021).
Individual Questionnaire: Individual questionnaire, which an individual must complete to apply for a PCF role that is endorsed by the proposing firm and then submitted electronically to the Central Bank for assessment.
MCC: Minimum Competency Code 2017
MCR: the Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1)) Minimum Competency Regulations 2017
MiFID II: Directive 2014/65/EU - Markets in Financial Instruments Directive II
PCF: Pre-Approval Controlled Function. When the term “PCF” is used in the text of this guidance, it refers to a PCF for a firm, as relevant. In some cases, specific reference is made to PCF roles for credit unions or holding companies (CUPCF/CURIPCF or HCPCF as appropriate).
Regulated Firm: Regulated Financial Service Provider. The terms “Regulated Financial Service Provider” and “Regulated Firm” are used interchangeably in this guidance.
SEAR: Senior Executive Accountability Regime
Standards of Fitness and Probity: any standard of fitness and probity set out in a code issued by the Central Bank under Section 50 of the 2010 Act.
The 1942 Act: The Central Bank Act 1942, as amended
The 2010 Act: The Central Bank Reform Act 2010, as amended
The 2013 Act: the Central Bank (Supervision and Enforcement) Act 2013, as amended
The Central Bank: The Central Bank of Ireland
The IAF Act: The Central Bank (Individual Accountability Framework) Act 2023, as amended